Yeah but the physics and look of cloaks in TWII was horrible. When you ran with one on it looks like you were in a wind tunnel and the cloak was made of paper the way it easily flailed around.
Well, you did run
very fast in that game, and most of it was set in wide open spaces where I just imagined there was a lot of wind.
But a more recent game like Dragon's Dogma also had cape physics (as well as actual cloaks) that worked just fine.
It's not as if they couldn't (and haven't already, through mods) be implement in Skyrim in a future DLC.
I mean, I payed $5 for a house, I'd pay the same for a cape/cloak store.